Rashid Naseem, the founder and main promoter of Shine City Group, stands accused of operating one of Uttar Pradesh’s largest Ponzi scams. Through a deceptive mix of multi-level marketing and real estate offerings, Naseem lured thousands of investors with promises of high returns and land plots.
Instead, these investments were allegedly funneled into a pyramid-style scheme, where funds from new investors were used to repay older ones — a hallmark of Ponzi frauds. The Enforcement Directorate (ED) estimates that the scheme raised over ₹1000 crore, leaving scores of investors defrauded and without recourse.
Shine City reportedly ran real estate projects across multiple districts in UP but failed to deliver properties or returns to most buyers. The money, ED claims, was layered through numerous accounts and used to buy luxury assets and properties held under the names of Shine City directors and associates, instead of serving its intended purpose.
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Declared a Fugitive: ED Tightens Noose With Property Attachments and Legal Action
Following an extensive investigation, the Special PMLA Court in Lucknow declared Naseem a Fugitive Economic Offender under the Fugitive Economic Offenders Act, 2018 (FEOA) — a legal designation reserved for economic fugitives who refuse to submit to Indian courts.
The Enforcement Directorate filed four prosecution complaints and provisionally attached assets worth ₹127.98 crore, which it identified as proceeds of crime. The attached properties include residential and commercial real estate, bank balances, and investments linked to Shine City’s network.
Despite repeated summons, Naseem evaded questioning. According to ED sources, he fled India via Nepal and is now residing in Dubai, UAE, beyond the immediate reach of Indian law enforcement. The Interpol Red Notice, Non-Bailable Warrants, and Look Out Circulars against him reflect the gravity and global scale of the manhunt.
Over 550 FIRs and Mounting Legal Pressure
The scale of the fraud is staggering: 554 FIRs have been filed against Rashid Naseem and Shine City Group across various police stations in Uttar Pradesh. The complaints range from cheating, criminal breach of trust, and money laundering, filed by thousands of duped investors who were promised homes, plots, or fixed returns.
Shine City’s modus operandi involved using its brand image and expansive local reach to gain public trust, exploiting middle-class aspirations for homeownership and financial growth. Investors were convinced to onboard friends and family into what they believed were legitimate real estate ventures. However, the funds were diverted to shell entities and associates, leaving the trail cold for recovery.
Despite mounting legal action and public pressure, Naseem has refused to return to India to face the charges. Authorities now hope that international legal assistance via Interpol and extradition channels will help bring the accused to justice.